Do Happy People Make Optimistic Investors?
调查投资者后发现，非经济因素（如体育比赛结果、季节性情绪）系统性地影响其收益和风险预期，其中对收益预期的影响更大，且投资计划也受此影响。
Abstract Do happy people predict future risk and return differently from unhappy people, or do individuals rely only on economic facts? We survey investors on their subjective sentiment-creating factors, return and risk expectations, and investment plans. We find that noneconomic factors systematically affect return and risk expectations, where the return effect is more profound. Investment plans are also affected by noneconomic factors. Sports results and general feelings significantly affect predictions. Sufferers from seasonal affective disorder have lower return expectations in the autumn than in other seasons, supporting the winter blues hypothesis.